Insurers May Have Edge In Sandy Basement-Definition Fight

Law360, New York (February 05, 2013, 8:10 PM ET) -- Scores of insurers are facing New Jersey class claims alleging they misinterpreted the definition of "basement" in flood policies to shut out coverage for property damage from Superstorm Sandy and Hurricane Irene, but attorneys expect the battle to be short-lived because the carriers have legal precedent on their side.

A putative class action in New Jersey federal court accuses State Farm Fire & Casualty Co., Liberty Mutual Fire Insurance Co., and other insurers that handle claims for the National Flood Insurance Program of misclassifying businesses and...
To view the full article, register now.